XRP Ranked Second to Bitcoin in Wall Street Says Canary CEO

TLDR

Table of Contents

Steven McClurg says XRP is more recognized on Wall Street than Ethereum.
Canary Capital predicts XRP ETFs could see $5 billion inflows in 30 days.
SEC decision on Canary’s XRP ETF filing is due by October 23, 2025.
CME and Coinbase already offer regulated XRP futures trading products.

XRP may be taking a stronger position in traditional finance circles. According to Canary Capital CEO Steven McClurg, XRP stands just behind Bitcoin in terms of recognition on Wall Street. As discussions around crypto ETFs grow, McClurg shared bold expectations for XRP-based funds, suggesting strong inflows once approved.

XRP Seen as Top Crypto After Bitcoin Among Wall Street Professionals

Steven McClurg, CEO of Canary Capital, said XRP is likely the best-known cryptocurrency on Wall Street after Bitcoin. Speaking during an interview with Paul Barron, he stated, “XRP is probably the most well-known on Wall Street and in finance circles after Bitcoin.” He placed Ethereum in third, even though it holds the second spot by market capitalization.

This view was shared as McClurg explained why XRP spot ETFs might attract high trading volume. He predicted that these funds could see $5 billion in inflows in the first month. He compared this to Ethereum ETFs and suggested XRP products could outperform them at launch.

Canary Capital is one of several asset managers that have filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF. The SEC recently delayed its decision, pushing a final ruling to October 23. The firm filed an amended S-1 form to support its application.

XRP ETF Demand Expected to Be Strong, Says Canary Capital CEO

McClurg said macroeconomic conditions could affect ETF performance, but he remained confident about early demand. He believes market interest in XRP is already visible in other products. He pointed to CME’s XRP futures and Coinbase’s offering of XRP futures trading as examples.

He added that the Federal Reserve should have already reduced interest rates. He expects a cut during the September FOMC meeting. Lower rates could encourage more investment in digital assets, including ETFs.

Nate Geraci, a market analyst, agreed that XRP spot ETFs could receive strong market attention. He said the interest in existing futures-based XRP products signals wider investor interest, and spot products could follow the same trend.

More Crypto ETFs May Launch in 2025 Depending on SEC Decisions

In the same interview, McClurg said other cryptocurrencies could also have spot ETFs approved this year. He named XRP, Solana, Litecoin, and Hedera as the ones with the highest chance, depending on regulatory timelines.

He said these ETFs may qualify under the SEC’s proposed generic listing standards. The fact that some of these tokens have existing futures products on major platforms like CME may support the case for approval. The Bitcoin and Ethereum spot ETFs were approved on similar grounds by the previous SEC administration.

Canary Capital is actively expanding its ETF filings. Besides XRP, the firm has submitted proposals for Solana, Hedera, and Litecoin ETFs. Other filings include ETFs for tokens such as TRX, PENGU, INJ, AXL, SUI, SEI, and Trump coin.

The company has also proposed a crypto index ETF named the “American-made Crypto ETF.” This fund would invest in cryptocurrencies linked to the U.S., aiming to offer a diversified option focused on domestic projects.

As the October deadline approaches, market watchers are closely following the SEC’s decisions. Approval could lead to more fund issuers entering the market and wider institutional adoption of new digital assets.

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